Calculate (a) Implicit cost (b) Explicit cost and (c ) Econimic cost from the following:
`{:(," Paticulars","(Rs. in Lakh)"),((i),"Payment of salaries",5000),((ii),"Expenditure of raw material",2000),((iii),"Rent of owner occupied building",1000),((iv),"Donations to charitable trust",500),((v),"Estimated value of salary of owner who worked as manager",200),((vi),"Minimum profit (expected)",400),((vii),"Super Normal profit (estimated)",700):}`


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Correct Answer - Rs. 8600 Lakh
(a) Explicit cost: (i)+(ii)=5000+2000=7000
(b) Implicit cost: (iii)+(v)+(vi)=1000+200+400=1600
(c ) Economic cost: (a) + (b)=7000+1600=86000

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